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A relevância dos ativos intangíveis para o desempenho económico, financeiro e de mercado
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O presente estudo tem como objetivo analisar a relação entre os ativos intangíveis e os indicadores de desempenho económico, financeiro e de mercado de empresas cotadas em Portugal, Espanha, França, Grécia e Itália. Especificamente pretende-se avaliar se os ativos intangíveis, no seu conjunto e em categorias específicas, influenciam significativamente o desempenho empresarial e a valorização bolsista, considerando a amostra global e a sua segmentação por país e setor de atividade. Esta investigação contribuirá para um melhor conhecimento do impacto económico e financeiro dos ativos intangíveis, colmatando lacunas na literatura, sobretudo no contexto europeu e na análise segmentada por setores e mercados nacionais. A análise empírica baseou-se na análise de uma amostra de 918 empresas cotadas em 2022, cujos dados foram extraídos da base de dados Orbis. Recorreu-se a métodos estatísticos de análise não paramétrica para avaliar a relação entre ativos intangíveis e desempenho empresarial. A classificação das empresas em alta e baixa intensidade teve como ponto de divisão a mediana dos ativos intangíveis calculados na relação entre valor de mercado e valor contabilístico, constituindo-se dois grupos com 409 empresas cada. Os resultados demonstram, considerando a totalidade da amostra, uma relação positiva e estatisticamente significativa entre a intensidade do ativo intangível e o desempenho operacional, bem como com o nível de endividamento, mas evidenciam uma relação negativa com o Return on equity (ROE). A análise setorial confirma a hipótese de investigação para o setor da indústria, relacionada com o país Itália. Também se confirmou que determinados ativos intangíveis (contabilizados ou em curso) são significativos para as variáveis de desempenho e, com a exceção dos gastos em investigação e desenvolvimento (I&D), estão associados ao preço das ações.
This study aims to examine the relationship between intangible assets and the economic, financial, and market performance indicators across listed companies in Portugal, Spain, France, Greece, and Italy. Specifically, it seeks to determine whether intangible assets—both as a whole and within specific categories—significantly influence corporate performance and stock market valuation, considering both the overall sample and its segmentation by country and industry sector. This research will contribute to a better understanding of the economic and financial impact of intangible assets, addressing gaps in the literature, particularly within the European context and in the segmented analysis by sectors and national markets. The empirical analysis was based on a sample of 918 listed companies in 2022, using data extracted from the Orbis database. Non-parametric statistical methods were used to assess the relationship between intangible assets and business performance. Companies were classified into high and low intensity groups, with the division point being the median of intangible assets, calculated as the ratio between market value and book value, resulting in two groups, each consisting of 409 companies The results demonstrate, considering the entire sample, a positive and statistically significant relationship between the intensity of intangible assets and operational performance, as well as with the level of indebtedness, but a negative relationship with Return on Equity (ROE). The sectoral analysis confirms the research hypothesis for the industry sector, specifically related to Italy. It was also confirmed that certain intangible assets (whether capitalized or under development) are significant for performance variables and, except for R&D expenditures, are associated with stock prices.
This study aims to examine the relationship between intangible assets and the economic, financial, and market performance indicators across listed companies in Portugal, Spain, France, Greece, and Italy. Specifically, it seeks to determine whether intangible assets—both as a whole and within specific categories—significantly influence corporate performance and stock market valuation, considering both the overall sample and its segmentation by country and industry sector. This research will contribute to a better understanding of the economic and financial impact of intangible assets, addressing gaps in the literature, particularly within the European context and in the segmented analysis by sectors and national markets. The empirical analysis was based on a sample of 918 listed companies in 2022, using data extracted from the Orbis database. Non-parametric statistical methods were used to assess the relationship between intangible assets and business performance. Companies were classified into high and low intensity groups, with the division point being the median of intangible assets, calculated as the ratio between market value and book value, resulting in two groups, each consisting of 409 companies The results demonstrate, considering the entire sample, a positive and statistically significant relationship between the intensity of intangible assets and operational performance, as well as with the level of indebtedness, but a negative relationship with Return on Equity (ROE). The sectoral analysis confirms the research hypothesis for the industry sector, specifically related to Italy. It was also confirmed that certain intangible assets (whether capitalized or under development) are significant for performance variables and, except for R&D expenditures, are associated with stock prices.
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Ativos intangíveis Grau de intangibilidade Desempenho económico-financeiro Valor de mercado